A Guide To Your Financial Aid Package

2016-2017 ACADEMIC YEAR

This information is provided to accompany your student aid award package for the 2016-2017 academic year. This guide is updated in April for the next academic year.

While the primary responsibility for meeting college costs rests with you and your family, the University as well as the state and federal governments can help. With the funds available, we have attempted to coordinate adequate resources to enable you to attend New York University.

The purpose of this guide is to describe the various forms of financial aid and to explain how an aid package is developed. It is also our intention to show you the proper procedure for using your financial aid award package and to help you explore other ways of meeting any remaining educational expenses.

Please carefully read this material and use it as a guide toward understanding your award.

What Is a Financial Aid Award Package?

A financial aid award package is the total amount of financial aid offered to a student by all sources. It is made up of components from one or more of the following three categories: scholarships and grants, loans and Federal Work-Study, depending upon eligibility. Total student aid cannot exceed the total cost of attendance.

Whenever appropriate, awards are divided between the fall and the spring terms. In addition to scholarships and grants, we may suggest an amount for federal student loan programs (Federal Direct Loan or Federal Direct PLUS Loan) and recommended work-study.

Your financial aid award information is kept current and available for your reference on NYU Albert, where you can check your financial aid status, view your financial aid awards, and check for updates and messages.

After you have paid your tuition deposit (if required), you will receive information about payments from the Office of the Bursar.

How a Financial Aid Package Is Developed

In developing your financial aid award package, we begin by constructing a budget based on the estimated cost of education for the academic year (not including the January and summer sessions). After analyzing your resources, calculating your need, and assessing your level of academic achievement, we determine your financial aid award in relation to your budget.

CONSTRUCTING YOUR BUDGET

Your need for financial assistance is calculated as the difference between the estimated cost of your education (your budget) and your resources. An estimated expense budget includes tuition and fees, room and board, books and supplies, personal expenses, and a transportation allowance.

Although we use standard amounts for certain categories of students, budgets vary depending on the following factors:

  • Where you plan to reside -- at home with your parents, in an on-campus residence hall, or in an off-campus apartment.
  • The number of points for which you will register.

ANALYZING YOUR RESOURCES

New York University, like all colleges and universities, bases its federal "financial need" analysis on the federally mandated formula called the "federal need analysis methodology," or EFC (Expected Family Contribution). To learn more, visit the U.S. Department of Education website and see the EFC Formula Guide under "Publications by Document Type."

Your eligibility for NYU scholarship funding is also determined by the results of the CSS/Financial Aid PROFILE.

In summary, the EFC (and the results of the CSS/Financial Aid PROFILE, if required) provides a tool to estimate the amount you and your family are expected to contribute (family contribution) toward your education. It includes factors such as taxable and nontaxable income, assets (savings, etc.), benefits (for example, income from Social Security or unemployment insurance), and the number of family members in college. The amount calculated is subtracted from the cost of attending New York University, yielding your financial need:

Cost of Attending NYU minus Expected Family Contribution equals Financial Need

We try to "package," that is, combine, financial aid programs -- scholarships and grants, loans, and work programs -- to help meet the annual cost of attending NYU. The actual mix of your aid package varies according to need and academic ability. If your family's financial situation changes significantly after you have submitted the FAFSA, you may send an email to financial.aid@nyu.edu to request a review based on the new circumstances.

REVIEWING YOUR ACADEMIC RECORD

SCHOLARSHIPS AND GRANTS

Scholarships and grants are types of gift aid that do not have to be repaid. They may take the form of University scholarships, federal or state grants, or outside scholarships.

For most undergraduates, eligibility for a merit-based and/or need-based scholarship is determined upon entrance to the University based on prior academic strengths and, if you apply for financial aid, your demonstrated financial need. Typically you will continue to receive for subsequent academic years the amount of scholarship you received for your first year (subject to the availability of funds), as long as the following criteria are met:

New York University Scholarships
Scholarships are awarded on a competitive basis and may reflect academic excellence as well as demonstrated financial need. The level of scholarship assistance depends on the quality of your academic record, the amount of financial need, and the availability of funds. Please note that all financial aid applications must be on time for full scholarship consideration.

Federal Pell Grants
The Federal Pell Grant Program provides assistance to undergraduate students who demonstrate financial need according to economic criteria and program requirements established by the federal government. To be eligible, students must enroll in a degree program and be matriculated for their first bachelor's degree. (Students are not eligible if they have already completed a bachelor's degree.) An estimated award will be listed for you if we think you will be eligible. Your Student Aid Report (SAR) contains the official evaluation of your eligibility from the U.S. Department of Education. When you review your SAR, follow the instructions to make changes if necessary -- including updating your record to reflect actual tax figures if you used estimated data in order to meet the NYU application deadline -- and then save the final SAR for your records. You may also review and make changes to your SAR on the FAFSA website.

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant (Steinhardt students in eligible majors only)
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $3,728 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. The maximum amount of TEACH Grant available per year varies with regulatory changes. Students who are eligible for the TEACH program will be notified by email, usually during the summer, and will be asked to complete the required paperwork before they are eligible to receive the funds.

Federal Supplemental Education Opportunity Grants (FSEOG)
This program is funded by the U.S. Department of Education and administered by New York University to provide assistance to students with exceptional financial need. All students who qualify are automatically considered for this grant. However, our funds from this program are very limited.

Federal Veterans Benefits
The U.S. Department of Veterans Affairs offers education grant assistance to qualified U.S. military service members and their families. > more

New York State Tuition Assistance Program (TAP)
The TAP grant is a resource available to many New York State residents. Eligibility is based on income guidelines and dependency status. If the financial information supplied on the FAFSA indicates that the student may be eligible for a TAP grant, an estimated award will be suggested and application instructions will be provided by the New York State Higher Education Services Corporation (HESC) in Albany. The actual award certificate is also sent to the student by New York State (after HESC receives the student's FAFSA data and the student submits the TAP application). Students should apply for TAP each year to ensure renewed credit at the NYU Office of the Bursar.

State Scholarship Programs
Some students from outside New York State may qualify for funds from their state's scholarship programs that can be used at New York University. Students should contact their state's student financial aid agency (call 800-433-3243 to get its telephone number and address) to find out if they qualify and to obtain program requirements and application procedures. Qualified students should submit the eligibility notice from their state's program to the New York University Office of Financial Aid.

Scholarships and Grants from Other Organizations
In addition to the sources of gift aid described above, you may also be eligible for a private scholarship or grant from an outside organization or agency. Some sources to explore are employers, unions, professional organizations, and community and special interest groups. (The NYU Office of Undergraduate Admissions web site includes examples of such outside scholarships available to undergraduates that can be used at NYU.)

A number of extensive scholarship search services are available free on the Web, and a representative sample is included on the drop-down menu below. The scholarships and information presented by such services are not verified or endorsed by NYU. You must notify the Office of Financial Aid if you receive funds from any outside organization.

Outside scholarships count as a financial aid resource and must be added to a student's financial aid award. The Office of Financial Aid first applies the outside scholarship to a student's unmet need that is not already covered by financial aid. In some cases, loans not based on financial need may be reduced (private loans, Federal Unsubsidized Loan, Federal PLUS Loan, Graduate PLUS) in order to accommodate the addition of an outside scholarship. If the student's need is already met by need-based aid, then that aid is replaced with the outside scholarship. Need-based loans are first replaced. If the outside scholarship exceeds the loan amounts, work-study and need-based grants are the next to be replaced. In most cases it is not necessary to reduce an NYU scholarship. Total aid (including outside assistance) cannot exceed the cost of attendance.

LOANS

Your financial aid package may include a loan. We may have suggested that you borrow through the Federal Direct Student Loan Program or the Federal Direct PLUS Loan Program. A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Unlike consumer loans, student loans have longer terms of repayment and in most cases are not repayable until you leave school. Interest rates vary from program to program but are usually lower than rates on loans made to the general public. The precise terms of the loans are contained in the promissory notes that borrowers must sign. To be eligible for a federal loan, students must be officially admitted to NYU or matriculated in a degree or approved certificate/diploma program and making satisfactory academic progress toward degree requirements.

UNIVERSITY-ADMINISTERED LOANS

If you have been offered a University-Administered Loan it will be necessary to sign a promissory note before your loan can be disbursed. You should carefully read the instructions and complete the signing process on NYU Albert as soon as possible. You will not receive credit on your bursar's bill if you do not sign your promissory note. University-Administered loan funds are limited.

Nursing Student Loans
The federally funded Nursing Student Loan may be offered to students who demonstrate financial need and enroll at least half-time in the College of Nursing. The annual interest rate is 5 percent, and interest does not accrue while the student remains enrolled at least half-time in a nursing program.

Health Professions Student Loan Program
The Health Professions Student Loan Program provides long-term, low-interest loans to students at the College of Dentistry who demonstrate financial need. The annual interest rate is currently 5 percent, and interest does not accrue while the student remains enrolled as a full-time student at a school eligible to participate in the health professions program.

LOANS FROM EXTERNAL SOURCES

If your award package indicates that you are eligible for a Federal Direct Loan and/or a Federal Direct PLUS Loan, the information and links below will instruct you how to complete the steps necessary to secure your loan.

Information provided by borrowers (student or parent) when securing federal student loans will be sent to the National Student Loan Data System (NSLDS), which is maintained by the U.S. Department of Education. NSLDS tracks this information from the financial aid approval stage onward to maintain the integrity of the federal Title IV programs and to provide information to individual students and parent borrowers about the aid they've secured.

Data provided on your loan application(s) will be submitted to the NSLDS database, and may also be accessed by guaranty agencies, lenders and other post-secondary institutions determined by the U.S. Department of Education to be authorized users of the NSLDS system. Students with an FSA ID may access their own NSLDS record on the NSLDS website.

Federal Direct Subsidized Loan

Sponsor: U.S. Department of Education, 1-800-557-7394.
Amount: Up to $3,500 Freshman, $4,500 Sophomore, $5,500 Junior and Senior. (NOTE: Effective July 1, 2012 the Subsidized Loan is no longer available to graduate students.)
Interest: 3.76%. Based on 10-year Treasury bond yield plus 2.05 percent. Interest rate not to exceed 8.25%.
Repayment
Term:
Standard: 10 years. Many other options are available: see Federal Student Aid .
Fees: An origination fee of 1.068% will be deducted from each disbursement for loans first disbursed on or after October 1, 2015 and before October 1, 2016.
Eligibility: Student must maintain at least half-time enrollment status (i.e. at least 6 credits/points or, for graduate students, half-time equivalency as approved by their academic department) in each enrolled semester and meet basic eligibility requirements.
Deferral:

Principal and interest*.  Repayment begins six months after graduation or when the student falls below half-time status.

* For new Subsidized Loans, the interest subsidy during the six-month grace period is eliminated for students who fall below half-time status.

A Federal Direct Subsidized Loan is a low interest need-based loan available to undergraduate students enrolled at least half-time. The federal government pays loan interest while the student is in school, and loan repayment begins six months after the student graduates or drops below half-time enrollment.  For new Subsidized Loans, the interest subsidy during the six-month grace period is canceled for students who fall below half-time status.  Eligible students are automatically considered also for the Federal Direct Unsubsidized Loan (described below).

Federal Direct Unsubsidized Loan

Sponsor: U.S. Department of Education, 1-800-557-7394.
Amount: Up to $5,500 Dependent Freshman/$9,500 Independent Freshman, $6,500 Dependent Sophomore/$10,500 Independent Sophomore, $7,500 Dependent Junior & Senior/$12,500 Independent Junior & Senior, $20,500 Graduates, $40,500 Graduates in health professions.  (All amounts minus any subsidized loan.)   Additional unsubsidized amounts available: see below.
Interest: 3.76% for undergraduate students, 5.31% for graduate students.  Based on 10-year Treasury bond yield plus 2.05 percent (for undergraduate students) and 10-year Treasury bond yield plus 3.60 percent (for graduate students). Interest rate not to exceed 8.25% (for undergraduate students) and 9.50% (for graduate students).
Repayment
Term:
Standard: 10 years. Many other options are available: see Federal Student Aid .
Fees: An origination fee of 1.068% will be deducted from each disbursement for loans first disbursed on or after October 1, 2015 and before October 1, 2016.
Eligibility: Student must maintain at least half-time enrollment status (i.e. at least 6 credits/points or, for graduate students, half-time equivalency as approved by their academic department) in each enrolled semester and meet basic eligibility requirements.
Deferral: Principal only. Interest may be capitalized. Repayment begins six months after graduation or when the student falls below half-time status.

Eligible students who have completed the FAFSA for the appropriate academic year are automatically evaluated for the Unsubsidized Loan.

If you are a dependent student whose parent was DENIED a Parent PLUS Loan (described below), you may be eligible for additional unsubsidized loan amounts. For Freshman & Sophomores the additional unsubsidized loan is $4,000. For Juniors & Seniors the additional unsubsidized loan is $5,000. Please contact the Office of Financial Aid so we may suggest these amounts. Documentation of denied PLUS Loan may be required.

Federal Direct PLUS Loan

Sponsor: U.S. Department of Education, 1-800-557-7394.
Amount: Up to the full cost of education, minus all other financial aid received.
Interest: 6.31%.  Based on 10-year Treasury bond yield plus 4.60 percent. Interest rate not to exceed 10.50%.
Repayment
Term:
Standard: 10 years. Many other options are available: see Federal Student Aid .
Fees: An origination fee of 4.272% will be deducted from each disbursement for loans first disbursed on or after October 1, 2015 and before October 1, 2016.
Eligibility: Student must maintain at least half-time enrollment status (i.e. at least 6 credits/points or, for graduate students, half-time equivalency as approved by their academic department) in each enrolled semester and meet basic eligibility requirements.
Deferral: Principal only. Interest may be capitalized. To apply for an in-school deferment, Direct Parent PLUS borrowers should call Direct Loan Student Loan Support Center at 1-800-557-7394.

The Federal Direct PLUS Loan is available to eligible parents of dependent undergraduate students and to qualifying graduate and professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial aid received. Interest is charged during all periods. The U.S. Department of Education will evaluate the borrower's credit history to determine eligibility.

Private Loan Programs
A private (non-federal) loan may be a financing option for students who are not eligible for federal aid or who need additional funding beyond the maximum amounts offered by federal loans. For more information on the terms and conditions of the suggested private loan, see Private (Non-Federal) Alternative Loans.

FEDERAL WORK-STUDY

Financial aid award packages may include work-study, depending on financial need. This means that you are eligible to participate in the Federal Work-Study Program, and may earn up to the amount recommended in your package.  Federal Work-Study jobs, generally averaging from 15 to 20 hours per week, are secured through The Wasserman Center for Career Development, located at 133 East 13th Street. Positions in various on-campus departments and organizations are available (though not guaranteed).

Note: Work-Study earnings are not credited on your Bursar bill, but are paid directly to the student on a bi-weekly basis. Money earned from employment is normally used for books, transportation, and personal expenses.

Work-Study is not available at all Study Away locations.

Students are not required to meet their earnings expectation through the Federal Work-Study Program, and may choose not to accept Federal Work-Study and seek instead employment in an on-campus or off-campus job in which wages are paid entirely by the employer's budget.

New York University provides a wide range of employment opportunities for students, and all are encouraged to take advantage of the placement services (including summer jobs) offered by The Wasserman Center for Career Development. Students may use the center immediately upon payment of their tuition deposit.

Important information for graduate students:
Graduate assistantships are available in some schools. Graduate assistantships and teaching fellowships provide tuition remission and a stipend. Duties include teaching, research, and other activities related to departmental needs. All applicants for assistantships, whether or not other types of financial aid are requested, should contact their department directly for information, instructions, and applications. A graduate assistantship may affect eligibility for some forms of financial aid.  Please contact the Office of Financial Aid, as well as your department, if your award package does not indicate your assistantship. Work-Study is not awarded during the Summer Sessions, however there are still jobs available during that time.

Optional Payment Plans

After thoroughly reviewing the amounts and types of financial aid you have been offered by the University, you and your family will now need to set up firm plans for paying your college bills. (Comprehensive cost of attendance information is available at Tuition, Fees and Expenses.) At this time, you may want to consider the payment options offered by the University to assist you with the portion of college costs for which you and your family will be responsible. You may use one of these plans or a combination of several. The Office of Financial Aid realizes that attending NYU is an investment, therefore our Office offers you your best Financial Aid Package upfront. By combining these payment alternatives with your financial aid package, you should find a New York University education financially accessible.

TUITION REMISSION

Members of New York University staff, faculty, and officers or administrators, and their dependents who are eligible for tuition remission are encouraged to apply for financial aid (by submitting the FAFSA). Financial aid consists of Federal Subsidized Loans, Federal Unsubsidized Loans, Federal PLUS Loans, Federal Pell Grants and the Federal TEACH Grant, as well as private (non-federal) alternative loan programs. Please contact the NYU Benefits Office for details about tuition remission, and learn also how to apply online. Please note, if you were offered an NYU Scholarship and you have elected to utilize tuition remission, you are no longer eligible for the NYU Scholarship.

Special Notes for College of Dentistry Graduate DDS Students

Scholarship aid is extremely limited and awarded only to students who demonstrate exceptional academic merit.

Budgets
If you reside in any of the five boroughs of New York City, we use an off-campus budget for purposes of determining your need for federal financial aid.

Parental Contribution
Even though you may be an "independent student," we incorporate a parental contribution in the analysis of your need for purposes of determining your eligibility under the federal Health Professions Student Loan Program. Parental contribution is included in your total family contribution.

Loans
In calculating your need, we assume that you will have available $40,500 through the Unsubsidized Student Loan. You may also borrow Federal Graduate PLUS loan or private, credit-based loans in addition to the Federal Direct Loan. To be eligible for private loans, you must have an acceptable credit rating. In some circumstances, the inability to borrow private loans due to negative credit will seriously affect your ability to finance your dental education. The College of Dentistry does not have the resources to lend money to students who cannot obtain private loans.

Special Notes for School of Law Students

The majority of students in U.S. law schools finance their education with federal and private loans. U.S. citizens or permanent residents are eligible for most types of federal loans. International J.D. students may be eligible to receive institutional need and merit-based scholarship funding from the NYU School of Law. International LL.M. students are eligible for merit-based scholarship funding only, as determined by the Office of Admissions. International students may apply for a private student loan from a U.S. lender. However, loan approvals are determined by the specific lender. Typically, international students must have a credit-worthy U.S. citizen or permanent resident as a co-signer to secure a private student loan from a U.S. lender.

Institutional Financial Assistance
NYU School of Law's financial aid program strives to help students pursue a legal education regardless of financial resources. The Committee on Admissions and Financial Aid determines the allocation of all scholarships and grants in a manner consistent with the School of Law's commitment to academic achievement and improving access to legal education. Institutional aid is awarded on the basis of need, merit and a combination of need and merit. The School of Law makes these awards in order to enroll the strongest class possible, and to provide funds to those students with demonstrated financial need.

Eligibility for need-based funding is determined by an institutional formula. The formula requires parental financial information for all applicants for need-based institutional aid, regardless of the student's age or marital status. Requiring parental information allows us to place all applicants on a more equal footing. Parental information is not required for applicants who only want to be considered for merit-based institutional funding. Please refer to the NYU School of Law Admitted Students bulletin for further information about the financial aid application process or visit www.law.nyu.edu/financialaid.

The Student Expense Budget
The cost of a legal education includes tuition and fees, room and board, books and personal expenses. The Office of Student Financial Services develops student budgets that estimate an individual student's projected educational expenses. Federal regulations provide guidance on the development of the student expense budget, and schools are limited in the types of items that can be included in the budget. For example, consumer debt is not an allowable budget item. This budget also governs the total amount of aid, including loans, available to students in any given academic year.

Loans
A total of $20,500 in federal Direct Unsubsidized loans is available to eligible law students. Students may also borrow a federal Direct Grad PLUS loan up to the full cost of attendance, less any other resources. Students must file a FAFSA to be eligible for federal loans. Private, credit-based loans are also available to most students. The Office of Student Financial Services is available to provide information about private loan options. Please visit www.law.nyu.edu/financialaid for more information.

The Importance of Credit
Some federal loans and almost all private loans require the borrower to have good credit. The inability to borrow through some federal and private loan programs because of negative credit may seriously impact a student's ability to finance a legal education. It is critical that students maintain their credit rating prior to entering, and during, their law school tenure. The School of Law does not have the resources to lend money to students who cannot obtain loans.

Outside Scholarships
Any non-NYU School of Law award must be reported to the Office of Student Financial Services. These scholarships must be included as resources under the student expense budget. The total amount a student will be able to borrow in loans may be reduced as a result of external awards.